The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023 . India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21.
Read moreWhat does IoT stand for in insurance?
Internet of Things (IoT) | Insurance Glossary Definition | IRMI.com.
Read moreHow can Blockchain be used in insurance?
Blockchain has the ability to help automate claims functions by verifying coverage between companies and reinsurers . It will also automate payments between parties for claims and thus lower administrative costs for insurance companies.
Read moreWhat is an IoT device and examples?
#2) What are the examples of IoT devices? Answer: There are several top devices in the market. Smart Mobiles, smart refrigerators, smartwatches, smart fire alarms, smart door locks, smart bicycles, medical sensors, fitness trackers, smart security system , etc., are few examples of IoT products.
Read moreHow IoT is used in insurance?
IoT-connected insurance uses the data from internet-connected devices to improve the understanding of risks . Advances in IoT can improve productivity, overall profitability of the business, and the risk profile of the portfolio.14 Eki 2021
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